Brown Advisory Inc. Sells 18,198 Shares of Shopify Inc. (NYSE:SHOP)

Brown Advisory Inc. reduced its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 31.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 39,045 shares of the software maker's stock after selling 18,198 shares during the period. Brown Advisory Inc.'s holdings in Shopify were worth $3,728,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Highview Capital Management LLC DE boosted its stake in Shopify by 65.8% in the 1st quarter. Highview Capital Management LLC DE now owns 17,491 shares of the software maker's stock worth $1,670,000 after purchasing an additional 6,942 shares during the period. Alpha Cubed Investments LLC lifted its stake in Shopify by 178.8% in the 1st quarter. Alpha Cubed Investments LLC now owns 26,660 shares of the software maker's stock valued at $2,545,000 after acquiring an additional 17,098 shares in the last quarter. Horst & Graben Wealth Management LLC boosted its position in Shopify by 11.8% during the 1st quarter. Horst & Graben Wealth Management LLC now owns 7,735 shares of the software maker's stock worth $739,000 after acquiring an additional 818 shares during the last quarter. Jessup Wealth Management Inc bought a new position in shares of Shopify during the 1st quarter worth approximately $5,996,000. Finally, Fullcircle Wealth LLC raised its holdings in shares of Shopify by 2.7% in the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after purchasing an additional 110 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Up 4.3%

NYSE:SHOP traded up $4.95 on Wednesday, hitting $120.00. The stock had a trading volume of 12,704,581 shares, compared to its average volume of 10,595,563. The company has a market cap of $155.69 billion, a PE ratio of 77.42, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The business's fifty day moving average is $108.65 and its 200 day moving average is $105.00.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SHOP shares. National Bankshares dropped their price objective on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Morgan Stanley increased their target price on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Barclays cut their target price on Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. JPMorgan Chase & Co. decreased their price target on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Finally, Truist Financial dropped their price target on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $115.63.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.